New York investors provided a solid platform for their Asian counterparts, thanks to another jump in crude prices that came in response to data showing US production fell last week.

The two main contracts soared around four percent after the news — putting them both into the mid-$40 a barrel zone.

Prices edged up further Thursday putting the commodity around its highest levels this year, just days after the failure of much-anticipated talks between major producers aimed at limiting output.

Brent rose 0.4 percent to break the $46 mark for the first time since November, while West Texas Intermediate also added 0.4 percent.

Analysts said confidence has been buoyed in recent weeks by a string of healthy data out of China, the world’s number-two economy, and the Federal Reserve’s shift to put off any interest rate hikes until after June.

Optimism about China

“Recovering fundamentals and the fact that the Fed is going to hold rates for a while is certainly helping sentiment,” Kirk Hartman, Los Angeles-based chief investment officer of Wells Capital Management, told Bloomberg TV.

“People are becoming much more positive on China. People are realising that China isn’t going to have a hard landing.”

The Nikkei finished 2.7 percent higher as the yen eased against the dollar. While it dipped slightly on Thursday, the greenback is near the 110 yen level not seen since the start of the month, which has shored up Japan’s exporters.

In early European trade London added 0.2 percent, while Frankfurt’s and Paris each gained 0.3 percent.

However, Shanghai closed 0.7 percent lower, extending the previous day’s losses, with analysts suggesting the recent batch of upbeat data has fuelled fears that Chinese authorities will hold off unveiling any fresh stimulus for the time being.